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Foreign banks lobby against US tax law

The Foreign Account Tax Compliance Act, a radical US tax law that will compel overseas financial institutions to report their American clients having accounts of more than $50,000 (€34,850) to the Internal Revenue Service, is being fiercely lobbied against by the industry and foreign governments.

While European tax commissioner Algirdas Semeta warned against the imposition of “additional burdens on financial institutions in the EU”, Terry Campbell, the head of Canadian Bankers Association, claimed that the law was “conscripting” banks worldwide “to be arms of US tax authorities”.

Banks argue that Fatca could cost them billions of dollars in compliance and conflict with domestic privacy laws.